India’s fastest-growing payment mechanism is the Unified Payments Interface (UPI), a technology that enables quick mobile-based money transactions. The ‘India’s first’ cutting-edge UPI ATM was introduced at the Global Fintech Fest in Mumbai, revolutionizing cash withdrawals by doing away with the requirement for actual ATM cards. This breakthrough has been hailed as a game-changer by online users.
On X (formerly Twitter), Union Minister Piyush Goyal posted a video with the caption, “UPI ATM: The future of fintech is here!.” In the video, FinTech influencer Ravisutanjani demonstrates how to use UPI to make a cash withdrawal.
The process is started in the video by Ravisutanjani choosing the UPI cardless cash option on the ATM screen, followed by the required withdrawal amount. A QR code then displays, which is scanned with the BHIM app before the UPI PIN is entered. After that, the transaction is approved, and the money is collected.
The National Payments Corporation of India designed and built this cutting-edge ATM, which is powered by NCR Corporation. It operates like a typical ATM, and beyond the free usage allotment, usage fees could be charged. The UPI ATM is now only available through the BHIM UPI app, but there are plans to combine it with Google Pay, PhonePe, and Paytm in the future.
Although the technology is still in a limited rollout and has not yet been made publicly available, it represents an important step in modernizing India’s payment system.
Following are five procedures to withdraw money from a UPI ATM:
1) Choose “Cardless Cash” from the menu.
2) Select the withdrawal amount you want to make.
3) Using the UPI app, scan the QR code.
4) For the transaction to be approved, enter your UPI PIN.
5) Collect your money.
UPI just achieved a significant achievement by reaching 10 billion transactions in one month. UPI transactions reached a record high of 10.58 billion in August. The National Payments Corporation of India confirmed that the country has the capacity to handle an astounding 100 billion UPI transactions per month.
Conclusion:-
India’s Unified Payments Interface (UPI) ATM, the country’s first, was introduced at the Global Fintech Fest in Mumbai, revolutionizing cash withdrawals by eliminating the need for actual ATM cards. The National Payments Corporation of India designed and built the ATM, powered by NCR Corporation. It operates like a typical ATM, but could be charged beyond the free usage allotment. The UPI ATM is now only available through the BHIM UPI app, but plans to combine it with Google Pay, PhonePe, and Paytm in the future. The process involves choosing “Cardless Cash,” selecting the withdrawal amount, scanning the QR code with the UPI app, entering the UPI PIN, and collecting the money. UPI transactions reached a record high of 10.58 billion in August, and the National Payments Corporation of India confirmed that the country can handle an astounding 100 billion UPI transactions per month.
